Everyone in payroll/hr is crazy busy this time of year. Even if this isn’t their fiscal year end, it’s their calendar year end and that, in and of itself, has a lot going on. W-2s, special payrolls, year-end adjustments – that’s a lot going on and if you’re not organized, it can be the most stressful time of year.
That’s where well designed and easy to use expense management software comes in. If implemented well and abided by, it will keep track of every expense entered. Having that information at year-end makes running a special payroll or expense reimbursement a breeze.
Expense management makes year end payroll easy
If your expense management software is an extension of your payroll software, it’s as easy as checking over the expense reports and approving them, they'll automatically be put into payroll. If your payroll company has an API(Application Program Interface) with an external expense management software, that’s easy too! Either the API will feed expenses directly into payroll or it will provide a CSV or excel file you can plug into your payroll software to aggregate those expenses.
Backed up receipts
Employees losing receipts can be the worst especially if your company has a lose it/too bad policy. An application like Expensify allows them to keep digital scans and copies of all those pesky pieces of paper.
All they need to do is take out their smartphone, exit out of candy crush, open up expensify, take a photo of the receipt and they’re good to go. Anytime they’re ready to submit all the expenses, just log into expensify and group all like expenses together. They get paid in a timely fashion and you don’t have to deal with upset employees when they don’t get their expenses reimbursed.
Reducing manual tasks
Hopefully the days of an employee dumping a box of receipts on your desk leaving you to organize and expense them are long gone. Expense management software cuts out all that garbage and replaces it with organized, date-sensitive, digital copies of those receipts.It's eco-friendly too! Cool!
Next week! Now we know how expense management software can be a huge help for payroll people running year end but can it benefit Average Joe too?